This Act may be cited as the Time is Money Act.

Not later than 180 days after the date of enactment of this Act, the Secretary of Transportation shall issue such regulations as are necessary to amend section 260.2 of title 14, Code of Federal Regulations, to reduce the threshold for a significantly delayed or changed flight from 3 hours to 2 hours for domestic itineraries and from 6 hours to 5 hours for international itineraries.